JUDGMENT

Rankin, C.J. - The Imperial Bank of India appeals from an order dated 26th August 1929 made by my learned brother Buckland, J., upon an application for directions made by the liquidators in the winding up of the Bengal National Bank Ltd. In May 1923 the Imperial Bank advanced to the Bengal National Bank Rs. 10,00,001) upon the security of a debenture dated 4th May 1923 which purported to charge, the whole undertaking, proper ties, assets and interests, present and future, including the 'uncalled capital, of the borrowing bank for the repayment of the loan with interest. In July of the same year, the Imperial Bank made a further loan of Rs. 10,00,000 upon the security of a debenture dated 4th August 1923 which also created a charge upon the whole of the undertaking, properties, assets and interests, present an 1 future, including the uncalled capital of the borrowing bank. These debentures were duly registered under the Companies Act with the Registrar of Joint Stock Companies, but neither debenture was registered under the Registration Act of 1908 and it is this circumstance which gives rise to question in the present case. On 28th April 1927 the Bengal National Bank suspen